货币信用与市场泡沫的内在关联——从比特币泡沫说起
发布时间：2019-01-21 14:23
【摘要】：比特币诱发新一轮的投机狂潮,市场泡沫再次进入人们的视野。比特币泡沫的特殊之处在于比特币的货币属性,围绕这一点学界展开了激烈地争论,但投资者无疑看中了它对法定货币的替代可能和投资潜力。这也表明市场泡沫背后有着重要的货币根源,可归因于货币价格对商品价值的偏离,而法定货币也可看做市场泡沫的一种基本形式。货币信用会通过从属波效应、信用扩展周期和金融不稳定性等一系列传导机制形成市场泡沫,因而,在信用货币时代需要市场各参与方的相互协作才能有效防治市场泡沫带来的影响。
[Abstract]:Bitcoin triggered a new wave of speculation, and the bubble came into view again. The special feature of the Bitcoin bubble lies in the currency property of Bitcoin, which has been hotly debated in academic circles, but investors are undoubtedly attracted to the possibility and investment potential of its substitution for legal tender. This also shows that there is an important monetary origin behind the market bubble, which can be attributed to the deviation of the monetary price from the value of the commodity, and the legal tender can also be regarded as a basic form of the market bubble. Monetary credit will form a market bubble through a series of transmission mechanisms such as the dependent wave effect, credit expansion cycle and financial instability. In the era of credit money, the market participants need to cooperate in order to effectively prevent the impact of the market bubble.
【作者单位】： 浙江海洋学院经济与管理学院;
【基金】：国家社会科学基金重点项目“货币与商业周期理论的起源、形成与发展”(14AZD104) 中国博士后科学基金面上资助项目“信用本质视角下货币理论的逻辑谱系与现实应用研究”(2015M580273) 浙江省社会科学界联合会研究课题成果(2016N65Y)
【分类号】：F820.4
，
本文编号：2412738
[Abstract]:Bitcoin triggered a new wave of speculation, and the bubble came into view again. The special feature of the Bitcoin bubble lies in the currency property of Bitcoin, which has been hotly debated in academic circles, but investors are undoubtedly attracted to the possibility and investment potential of its substitution for legal tender. This also shows that there is an important monetary origin behind the market bubble, which can be attributed to the deviation of the monetary price from the value of the commodity, and the legal tender can also be regarded as a basic form of the market bubble. Monetary credit will form a market bubble through a series of transmission mechanisms such as the dependent wave effect, credit expansion cycle and financial instability. In the era of credit money, the market participants need to cooperate in order to effectively prevent the impact of the market bubble.
【作者单位】： 浙江海洋学院经济与管理学院;
【基金】：国家社会科学基金重点项目“货币与商业周期理论的起源、形成与发展”(14AZD104) 中国博士后科学基金面上资助项目“信用本质视角下货币理论的逻辑谱系与现实应用研究”(2015M580273) 浙江省社会科学界联合会研究课题成果(2016N65Y)
【分类号】：F820.4
，
本文编号：2412738
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